Tullow Oil (LSE:TLW) has completed a comprehensive refinancing transaction that, supported by over 99% of bondholders and Glencore, replaces previous facilities by issuing c.$1.185bn of senior secured notes due 2028 and adding junior and super‑senior facilities.
The independent oil producer, with core producing assets in Ghana, redeemed $100m of its Existing Notes, released the remaining Existing Notes and liabilities, terminated obligations under its $400m secured notes facility, issued c.$423m of junior secured notes under a subscription agreement, entered a $100m super‑senior cargo prepayment facility and placed $25m of additional New Notes with Glencore.
"By extending maturities and reducing our cash interest payments, we have secured the financial foundation to execute our business plan and capture the full potential of our assets," said Ian Perks, Chief Executive Officer of Tullow.
